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RBA says Aussie banks are strong

17/03/2010

The minutes of the last Reserve Bank of Australia board meeting reveal that the board members believe that the big Australian banks are in very strong positions compared to other banks overseas.

"Banks in Australia, Canada and Asia were doing considerably better than those in the US and Europe. Their profitability had generally improved recently after holding up relatively well during the financial crisis." The RBA believes that the big Australian banks are set for a period of high profits.

"For the major banks in Australia, growth in net interest income had increased and provisions for loan losses appeared to have peaked at levels that were low by international standards," the minutes said.

Source: The Australian



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